Mean field production output control with sticky prices: Nash and social solutions

  title={Mean field production output control with sticky prices: Nash and social solutions},
  author={Bingchang Wang and Minyi Huang},
This paper presents an application of mean field control to dynamic production optimization with sticky prices and adjustment costs. Both noncooperative and cooperative solutions are considered. By solving auxiliary limiting optimal control problems subject to consistent mean field approximations, two sets of decentralized strategies are obtained and further shown to asymptotically attain Nash equilibria and social optima, respectively. A numerical example is given to compare market prices… Expand
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  • 2020 16th International Conference on Control, Automation, Robotics and Vision (ICARCV)
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  • B. Wang, Minyi Huang
  • Computer Science
  • 2015 54th IEEE Conference on Decision and Control (CDC)
  • 2015
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